Offer at a glance
Maximum bonus amount: $500
Availability: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT, VA, D.C., MD, FL
Deposit required: $10,000
APY: 0.07% APY
Hard/soft pull: Soft pull as long as you opt out of overdraft protection.
ChexSystems: Mixed data points
Credit card funding: None
Monthly fees: Avoidable
Early account termination fee: None
Household limit: None
Expiration date: Valid April 17 – April 30, 2024
The Offer
No direct link – check with your local bank or look for flyers
Multiple people are reporting of the following offer from Citizens Bank:
Citizens Bank is offering a $500 bonus when you open a new savings account and deposit $10,000 for 5 months or $250 if you deposit $5,000 for 5 months.
The Fine Print
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fee as long as you have a Quest checking account.
Early Account Termination Fee
As far as we know there is no early account termination fee.
Our Verdict
We just saw the public $300 offer expire. This $250/$500 bonus might be only in branches, and possibly only at certain branches. I’m not sure exactly how and where this bonus is available – we’ve heard of flyers going around at some branches.
The bonus itself isn’t amazing given the lack of interest earning and the 5 month lockup. Still a 5% earn for 5 months is a solid return and well worth considering. Let us know if you’re able to get this offer.
Hat tip to Mark from ToP and to reader Sylvester The Lone
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull ChexSystems?
How To Use Our Direct Deposit Page For Bank Bonuses Page
Common Bank Bonus Misconceptions + Why You Should Give Them A Go
How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
Complete List Of Ways To Close Bank Accounts At Each Bank
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times